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away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and president obama need to strike a deal on reducing the national debt. they have soundly rejected a white house offer that included $1.6 trillion in revenue, $400 billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner arriving on capitol hill for high level talks, most notably with house speaker john boehner. >> good morning, everyone. >> how did it go? just listen. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious. about real spending cuts. >> a
! >> eric: yes, the dreaded fiscal cliff. tax hike, spending cut and sequestion ration, whatever they are. belly flop the economy at once. comfortabling the know that d.c. is on top of it all. alex simpson, former senator and the guy that everyone thinks is a lifeguard at the fiscal pool. ♪ ♪ >> eric: okay, beckel is gangnam style. good to know we're in good hands but get serious, folks. >> any word from karl rove? >> despite what we're telling you, it's over. romney lost. >> i guess it's time i explain, the good people, the upcoming fiscal cliff. >> the economy is the car and rich sman a driver. don't give the driver many. they will drive you over a cliff. just common sense. >> eric: not exactly. the only way to save the republic is for us to let the president go off the fiscal cliff. taxes will go up. but mandatory spending cuts get enacted. that seems to be the only way dems will cut a dime. let's save the place for the kids. do you agree? >> greg: i do. >> bob: i think you're crazy. >> greg: funny that bob and i agree but for different reasons. fiscal cliff is a horrible med fore.
the president go off the fiscal cliff. taxes will go up. but mandatory spending cuts get enacted. that seems to be the only way dems will cut a dime. let's save the place for the kids. do you agree? >> greg: i do. >> bob: i think you're crazy. >> greg: funny that bob and i agree but for different reasons. fiscal cliff is a horrible med fore. i means the high grade leftism. what you get are massive cuts in defense. and higher taxes. that means the government expands without improving the one thing that works. so you are feeding obese fat man called the government who still isn't doing any good. what they are doing is blackmailing us. president obama is blackmailing saying if you don't do this, if you don't raise taxes on 2%, this is what will happen. >> eric: can i take issue with that? what if we don't go off the fiscal cliff? we are about sequestration later and do the game with the tax hike and spending cuts. we have the same thing? $20 trillion in the hole in four years, 25 trillion in nine years. nothing will change. this place is bankrupt. >> greg: president obama is obsessed with the 2
in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be raised on the revenue side. let's listen to
washington needs to resolve this fiscal cliff issue if they don't want consumers to stop their spending ways. >> let me start with what's going on in washington. we've got this negotiation for the fiscal cliff. if we go over the fiscal cliff, what is the impact to your business? >> well, there would be an impact on consumption, for sure. so when it comes to puma or mainstream brands in america in sports, there will be a for sure some consequences in terms of consumption. but i see that as an investment for the future. so it might be a little bit different from some of other ceos. we have to get over the fiscal cliff. let's not delay the thing. it needs efforts. let's make them short for a better future. i think we should be ready as a corporation, being ready for maybe a year of difficult market, difficult situation in the market because that is a ceiling on our growth in terms of economical growth as to be released. it's really me an investment for the future. >> you're seeing a similar situation in france where we're talking about the possibility of capital gains taxes and dividend taxes g
. speaker, roughly what size spending cuts do you think it would take to reach a deal on the fiscal cliff, and do you think that at least the promise of spending cuts has to be included in this level deal at this time? >> i don't think there's -- i don't think it's productive for either side to lay out hard lines in terms of what the size of the spending cuts ought to be. there's clearly -- there are a lot of options on how you could get there. but the second part of your question was? >> my question is, do you think the promise of spending cuts has to be included in the deal that averts the fiscal cliff? >> there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. now, that would include spending cuts and it would include revenue. setting up a process for entitlement reform for next year and tax reform for next year. but -- but -- but this is way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. >> faced with t
number on the table with regard to spending. we are mixing things. we have to avoid the fiscal cliff, do a meaningful down payment on spending and taxes, build a bridge to a grand bargain. the big deal is going to be done next year. this year, the objective ought to be in the short-term reduce the deficit for next year and our long-term goals, baselines are gains. they could be manipulated by all sides. we have to focus like a laser on getting debt, public debt as a percentage of the economy down to 60% by 2024. that's what the focus of the grand bargaining should be. >> you've seen where you're trying to sell your house for $1 million and someone gives you an offer at $200,000 and you don't even answer that offer. >> right. >> but that's not what this is. it's december 3rd. it's december 3rd. >> and you know what? there was an election. >> that was not a serious offer that was made. >> well, it was an offer and the republicans haven't made a serious or nonserious offer, joe. >> you've got to go through the house. where is the house plan? >> well, i don't know. but that's -- >> stay tune
over that so-called fiscal cliff. tax hikes and spending cuts kick in if no agreement is reached between the house and republicans on how to close the budget gap. it has been more than two weeks since president obama invited the major players to the white house to discuss the situation. as of this morning, no new talks are scheduled. brianna keilar joins us. so many republicans say they are pessimistic about a deal happening in time to avert this fiscal cliff. some say it's for political reasons. what can you tell us? >> it may all be for political reasons. that's no surprise in washington. as you can seen through dealmaking not just on this but things in the past couple of years between the white house and congress, there is almost this rhythm that has evolved. both sides are pointing to the other for an impasse. republicans like senator lindeyy graham just slamming the white house and tim geithner for a plan he laid out on behalf of the administration, laying out about $1.6 trillion in new revenues coupled with only about $400 billion in medicare cuts. listen to what graham sai
proposal. but that's just one part of the fiscal cliff debate. the other side of this, the massive spending cuts that have now educators ringing the alarm. they warn of increased class sizes, the elimination of after-school and summer school programs, libraries could close, all this as the u.s. tries to close an achievement gap. joining me now to continue our education nation conversation, world-renowned educator dr. steve perry, also host of tv one's "save my son." steve, it's great to have you here. the secretary of education, arne duncan, has said that 9 million students would be affected by the cuts including nearly 2 million that are already living in this country in poverty. when we talk about special education needs for the kids of our country, we're essentially about to take away resources from the students that need it most. however, we're not talking enough about that. >> one of the reasons why there's even a conversation about cuts is not so much because there's less money coming in, it's because of so much money going out. where we spend the most amount of money in education is
doors and figure how they get past january and how they avoid this fiscal cliff, not only the spending cuts and tax increases but spending cuts particularly in defense. they don't want that. >> explain why what they agree on -- namely that the middle class, 98% of all taxpayers, that their taxes will stay the same, they will not go up. if everyone agrees at least on that, the president says, go ahead and pass that. why not just eliminate the 98% who won't have any changes, those making under $250,000? why not allow that to go forward? why are the republicans resisting on that. >> it could wind up there, wolf. but if the republicans lose that, they believe they kind of lose the leverage that they have. if they sort of give on that, then where's their leverage with the white house? so i think that in the end, wolf, if i had to bet -- and i don't like to bet on these things because they always disappoint -- but i would have to say that the one thing they are all likely to do at some point is to make sure the taxes do not go up on the middle class. but in order to do that, republicans want
putting his foot down. he says no tax hikes for the wealthy, no deal. america hits that fiscal cliff in 27 days and that means tax hikes and deep spending cuts if the democrats and the republicans can't come together in some kind of a deal and with just ten days remaining until congress is scheduled to go home for the holidays, the clock ticking. here's what he told bloomberg news. listen. >> we're going to have to see the rates on the top 2% go up and we're not going to be able it to get a deal without it. >> we start this morning with white house correspondent dan lothian, he's in washington, d.c. okay. so who's got the ball in their court at this point then, dan? >> well, you know, i think the house gop, they have presented their counteroffer which white house spokesman jay carney is referring to as, quote, magic beans and fairy dust. we expect that house republicans will keep putting pressure on the white house to engage, push for more details on what the white house will accept when it comes to additional entitlement cuts. but i think what's unclear is what kind of negotiating is goin
. >> no spending cuts in that? >> if -- >> you got to -- >> just to go over the fiscal cliff, you will go back and -- republicans right there would see $750 billion raised every we are. suddenly these -- these clinton tax -- bush tax cuts are so dear under -- for the 98% of the democrats i have never seen anything like it. never seen anyone love the bush tax cuts so much. more than the democrats. first 98% p they hated them all along and now they love them except the 2%. >> they are not going put one thing on the table unless they get the other, both sides. i don't see them just surrendering to tax cuts on the one hand without any expend organize vice versa. >> do you think there would be any growth, anything positive, from going over the fiscal cliff that would ameliorate the damage? >> it depends on what -- the deficit. >> if you -- depends what the alternative is. alternative is what was proposed yesterday, i would go over the cliff and take -- >> so would all the people on the left. >> but on the other hand, i hope that there can be -- >> 50/50? where are we? >> 50/50, yes. >> you don't th
a deal to avoid the so-called fiscal cliff. a huge package of tax hikes and spending cuts will kick in january one. they spent time blaming each other for not getting serious. in his weekly address, president obama says he is ready to make a deal but wouldn't accept continued tax cuts for the wealthiest people. >>> the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. and if we can just get a few house republicans on board, i'll sign this bill as soon as congress sends it my way. but, it is unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the richest americans. >> republicans say tax hikes on the wealthy mean tax hikes for small businesses, something they insist they cannot accept. here is long-time gop senator orin hatch. >> unfortunately, some on the other side of the aisle are indicating a disastrous thelma and louise idea, that will put us in jeopardy, for small business and other parts of the e
there and it's called the fiscal cliff and will send us into recession but we may get deficit reduction but others believe we won't get spending cuts that we need. more will take place in defense which many argue does need to happen perhaps though not in the same way it does. we shall see. what's today's date? the fourth now. we're not too far. people say the 18th. we need to at least see something for the 21st. >> they're going on vacation with legislation. is that right? should they be able to take off? >> we should sequester their vacation. >> a great tweet this morning, jim. if you had a big project due at work, would you be going on vacation a week from tomorrow? >> let's say our bosses said we need you to finish this by year end. pal, man, i got a trip to st. bartz. what would they say? they would say stay down there. i don't like one of the defensive line guys that gets fired by the eagles. does he get to fly back from texas? we would fire these guys where they are, when they are on vacation. no. they get to take vacation without finishing their project. >> a couple good poll num
, we're in this situation because congress came up with what they're calling the fiscal cliff now and they're calling it the fiscal cliff because they don't want to e embrace either the tax increases or spending cuts and i think it's foolish to think this congress can come up with a better deal. >> you know what's interesting, to eric's point, there is a great irony in this that the democrats are saying we've got to raise taxes and the fiscal cliff does both. just not in the way anybody wants it, so if they can't do that, how are they going to find a way they can all agree on? >> the superfailed committee. this is a giant hatchet as opposed to a scalpel. >> it was designed to fail. >> i agree, but the real solution and real irony is going to be the ultimate deal's going to look like the obama boehner grand bargain that was negotiated and almost done in the summer of 2011. the fact that we couldn't make that deal then i think's a tragedy for the country. one of the thing's it did was lead to that aaa downgrading. that was unnecessary. >> let me just follow up on this point of what
in capital spending, in rnd, in cash m & a. these are the drivers of growth. once this fiscal cliff is addressed which we do believe, i believe it will be addressed at some point, that companies will have greater ceo confidence and see more spending. >> that leads you to your cyclical trade. >> that leads to more cyclicals. you said the top trades. you have equities versus bonds. we certainly like that as a strategic way to think about the market. you can look at the high yield and stocks doing well. depends on how much risk you want to take. the economy is getting better. that is good for high yield as well. better in terms of equities but high yield not such a bad place. >> u.s. over bricks, yes? >> no. >> bricks over u.s.? >> those companies that are selling more into the emerging markets. last year we had the view the other way and that was basically to be more domestic. it was more uncertainty with respect to what's happened around the world. this is now a view that even though the u.s. is growing at 2% it is going to grow faster in china, tick larm. >> one last thing. you ment
're getting a look at what the white house is offering to stop the fiscal cliff stalemate. drastic mandatory tax hikes and spending cuts will kick in with the new year unless, unless the white house and republicans can reach a deal. for weeks, gop lawmakers have said we're just waiting for the white house to give details, specifics, some numbers. well, tonight that's happened. the white house is calling their bluff and they've laid out how they want to cut the debt. jessica yellin is over at the white house for us tonight with new developments. jessica, what are the specifics of this offer tonight? >> reporter: hi, wolf. according to senior officials on both sides of the aisle, the president is asking for $1.6 trillion in new taxes. that includes raising taxes for families who make $250,000 or more. you'll recognize that as a pledge from his campaign. and it also includes limiting deductions and loopholes as well as other changes to capital gains and dividends taxes. well, that is the headline for republicans, wolf, who say it is far more money in tax rates than they ever expected to hear fr
of the fiscal cliff negotiations. the mortgage interest deduction. government spending on this will reach $100 million by 2014, making it the third largest tax break on the books. who does it help? 41 million people. the most recent irs data showed that 41 million people claimed this deduction on their 2010 tax returns. the tax policy center says it tends to benefit upper middle class families the most. these bars show income in the circles the average savings. for those with incomes of less than $40,000 a year, their savings is $91, look at the people who make $250,000 and more. their average savings is about $5500. this benefits people most on both coasts and cities like chicago, with higher property prices, and we watch the fiscal cliff negotiations closely for what could happen next to this tax goody next year. >> here's the question i'm hearing people ask, if we go off the cliff here, how big a hit will we take on taxs? stand by, because i'm about to give you the closest answer i possibly can. to help me with that is laurie montgomery, she is the fiscal policy reporter for the washington
own party seem quite comfortable with sending the economy over the fiscal cliff. no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> speaker boehner doesn't want to propose spending cuts, so now he's trying to pressure the white house to do it. >> there's been no serious discussion of spending cuts so far. and unless there is, there's a real danger of going off the fiscal cliff. >> a reporter asked senate majority leader harry reid about speaker boehner's comments. >> he says that democrats have got to get serious about cuts, spending cuts. where is the disconnect then? >> i don't understand his brain, so you should ask him. okay? >> and, of course, another day more republicans dumping grover norquist. among nebraska and is iowa republicans, most of them told the world herald this week they could support a broad budget agreement, even if the deal ends up including higher tax revenues. i won't have a problem with letting those tax rates go up, representative mike simpson said to reuters. but new york congressman chr
of sense. yet, here we are on the edge of this fiscal cliff. we're not sure what will happen. many people predicting we'll go over the cliff. if we go over the cliff and the automatic spending cuts take effect and the tax increases take effect, what do you think happens to the economy? >> well, at the brt meeting that you mentioned, where the president was nice enough to come over, the question was asked, if we go over the fiscal cliff, how many businesses in this room will reduce capital investment? remember, i just said -- and it's very demonstrable that capital investment is what drives gdp growth rate and job creation. that tells a story right there. if we go across the fiscal cliff, we will have an economic contraction or slow down at best. >> how are things looking right now ahead of the holidays? i'm sure your company is real busy, fedexing gifts. what are your expectations for this holiday season? >> well, you know, the 300,000 wonderful teammates of fedex are working very hard. we publicly forecast a couple weeks ago that on the 10th we would move 19 million shipments through our
more focused on washington, on the whole policy issues around the fiscal cliff because they are trying to figure out their spending plans guessing what taxes will be. businesses are focused on if they spend x and taxed at y what's that going to leave them in terms of profitability. degree of which businesses have come off a really good four years where the rest of us have come off a more problematic four years. finally in this quarter partly because of the fiscal cliff, partly because of europe, partly because of slow down in china profits are more challenging for companies. but they are still making a lot of money. >> "wall street journal" study of 40 major companies half plan drastic cuts to their investments and spending into next. once a budget deal is reached, i mean whatever it is, do you think we'll see companies loosen their wallet? is there a bigger chance they will slow down more? >> part of this is contingent how well consumers do. companies will spend money if there's this active healthy consumer base that justifies them spending money for more activities. so, at some point
anything done. the fiscal cliff hits. the arguments i just pa about the withholding tables and cutting spending, are not generally talked about. a lot of people deny they can be done. we're confident they can. so the question then becomes what's the impact, where is the impact. and the impact is equity markets end of next week will say these guys aren't going to get it done, we won't have a deal january 1, everything falls apart, that's assuming of course we all get past december 21st. >> so basically week and counting before you think the equity market really drops significantly? >> if we do get a deal done do, we just maintain the 2% that we're stuck in with the high unemployment and not go down? or does it actually allow us to start growing again? is anybody talking growth? >> we're talking growth. >> is it possible to ever get back to that in this environment? >> it is. you have a lot of problems with the piece. >> do you briyou believe if you rote deficit -- two different ways. you either keep the government that you have and pay for it by raising taxes, or you kind of leave taxes
over the fight in the fiscal cliff. americans face crushing tax hikes and severe spending cuts in 27 days if democrats and republicans cannot come together on a deal. by the way, congress breaks for the holidays in ten days. slash that number. in an interview with bloomberg news, the president made it crystal clear he's not about to blink on the issue of tax hikes for the wealthiest americans. >> we'll have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> white house correspondent dan lothian joins us live from washington this morning. very nice to see you, dan. >> good to see you. >> here's the deal. we have republicans pitted against democrats. now we understand there are issues amongst republicans as well. >> that's right. they're in a tough spot here. they don't want to be in left in a position of being blamed for the fiscal cliff. you're seeing a division between house members and senate members. the reason for this is mainly over the 800 billion in new tax revenue. this was part of john boehner and plan. those tea party-backed co
's advertisers are displaying caution about spending because of the fiscal cliff. he'll be on "squawk on the street" at 11:40 eastern time. and netflix paying for exclusive rights to stream disney movies. a lot of happenings moving stocks in a big way. with pandora, analysts give pandora a pass but they keep putting out bright spots in third quarter that did come in better than expected. mobile monthization. >> this is the first company that came out and blamed the fiscal cliff. one of the few companies that would not be worried about the fiscal cliff because of great growth opportunities. could this be a competitive thing? >> i use them both. a huge fan of both. jpmorgan says it doesn't change the thesis. the theme is that they, like others, monthization and mobile continues to do well and you get guidance and morgan says it's frustrating. >> guidance was terrible. another disaster. it may be too early to buy pandora to put it in zynga groupon. groupon, i don't know if you call the deal today. it's awesome. one of three different i can do. >> you can get two in one day. >> i don't kn
fall off the fiscal cliff. avoiding it -- if they do nothing, everyone's taxes go up and automatic spending cuts will take effect. no imminent deal is in sight. >> if they are going to force higher rates on virtually all americans, because they're unwilling to let tax rates go up on 2% of americans, then that's a choice we're going to have to make. >> i would say we're nowhere. period. we're nowhere. we have put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they have actually asked for more revenue than they have been asking for the whole entire time. >> in other words not quite a good place to be, but both sides agree that the government needs to raise more money. how much and how they do it are two of the major sticking points. >>> and protests and a constitutional crisis, what is next for egypt. we'll dig deeper into the struggle for power between conservative islamists and liberal secularists. and later, brad pitt talks about his future with angelina jolie. >>> and a dog
for you. in republicans' counteroffer to avert the fiscal cliff, the rich get to keep their bush era tax cuts, even as the boehner budget slashes $1.2 trillion in spending, half of it from medicare, medicaid, and other social programs. it is a lump of coal delivered by the republican reindeer to the vast majority of americans. as for new revenues, they have reached in santa's sack for that old favorite. they plan to raise $800 billion by closing loopholes and deductions. only one problem a problem that flummoxes no less than mitt romney and paul ryan throughout the campaign, a problem as real today as it will be tomorrow -- the math. as the president explained in his first post-election interview on bloomberg this afternoon. >> it's a simple proposition that you can't raise enough revenue, and if you don't raise enough revenue through closing loopholes and deductions, then it's going to be middle class families who make up the difference. >> indeed. as the president notes, you can't get $800 billion in revenue without eliminating, for example, charitable deductions, which would put all m
the looming fiscal cliff. talked about business concerns as you head into the end of the year and even what to expect in 2014. bank of america has 55 million customers here in america. they represent one out of every two households. so moynihan has a very good idea about what consumers are doing and if they spending less because of the fiscal cliff. here's what he had to say. >> i'm more about business behavior than consumer behavior. people continue to spend, housing is a little better. all the things that affect stock market are in decent shape. the question was will everything going on cause them on slow down again. >> what are you you see rg businesses right now? >> almost a year and a halving a go, businesses getting concerned about the nature of the dialogue about the fiscal situation? washington and in europe and the issues that had to be dealt with long term and how it affects near term business in terms of what would be accelerated appreciation for investment in business. what will be the final demand. so the uncertainty factor started weighing in and caused everybody to be much mo
is spending. no one wants to talk about spending. the fiscal cliff is a bipartisan compromise that would do draconian cuts in the budget they never wanted in the first place. it's foolish to think congress will have a plan to fix things when congress designed the plan they are trying to fix. >> some democrats say entitlements can be on the table but should deal with long-term reform afterwards. here's what senator dick durbin said yesterday on "starting point." >> entitlements need to be part of the long-term strategy but do it in a thoughtful way. i don't want to see major changes decided in the heat of the moment. let's get through the fiscal cliff, find a way to avert it. but at the end of the day treat it as the important program it is for so many millions of americans. >> eric, if we get a deal, how much kicking of the can down the road do you think that deal will inclu include? >> i think it will include significant kicking the can down the road which is why they should kick the entire deal down the road and deal with it together. we know it won't from happen history. we have had 18 o
. the concern is well founded. >> and my thanks to john wattson. >>> political posturing on the fiscal cliff from leading republicans and democrats alike. >> i remain hopeful that productive conversations can be had in the days ahead. but the white house has to get serious. >> we have made our proposal. let them come forward with something. >> find out what senate majority leader harry reid's nevada constituents are saying about his performance. >>> also, is it time for the u.s. to join the ranks and put $1 billis to rest in favor of a $1 coin? believe it or not, people feel passionate about this issue. our heated debate is coming next. stay with us. system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. when you take a closer look... ...at the best schools in the world... ...you see they all have so
of the fiscal cliff. let me take a look at that. >> no real reform. instead spending taxes. we neat bipartisan ideas we can all support. >> dana, is any of that going to make a difference or maybe a broader point is how much are outside groups generally, whether it's on the hill or on tv influencing this debate? >> if it works as well as karl rove's effort during the campaign, i think the president is going to ask him to run more of those ads because it didn't work out so well for him the last time. this is a little different from a political campaign in that spending by interest groups is probably not going to be big enough to crowd out all of this noise that's being made here. i think that interview you just had with tom price was extraordinary for what he didn't say. he didn't say i won't allow taxes to increase. he said it depends on what the overall package is. that's an extraordinary admission is for one of the most conservative congressmen in the house and i think it shows where these guys are headed. >> when you look at the polls and you see how the messaging is working, susan, and to
when we look at the fiscal cliff and everything else in terms of actual cuts in spending, everybody recoils in horror because they know it implies. >> you made your point, though, we surrendered to fdr, and instead of supplementing people, instead of letting them earn their own success, we're going to somehow try to deal with outcome rather than opportunity and pay for it. and you want to pay for -- >> no, i don't. >> in a fairer society. what you see as a fairer society. >> i didn't say it was a fairer society. but chris brought up an important point. and i want people to talk about the "wall street journal" today. we're not talking about cutting spending, not talking about cutting growth rates, which is a huge difference, one reason why people like me look at former presidential candidate mitt romney talk about npr or planned parenthood. the number one answer for balancing the budget is foreign aid. which if you really wanted to balance the budget and you don't always have to go to the department of justice or whatever it may be. but over the next ten years, 90% of federal outlays
of this is that some people are trying to downplay the affects of the fiscal cliff saying if we go over for a few days it will be okay. ceos aren't saying that. you look at third quarter gdp, companies are spending less money on software and equipment because they don't know what's going to happen. the effects of the fiscal cliff are already holding back some things. >> of course. what stood out to me from howard schultz, the people that need it the most, the average american will feel this to the core. confidence is the corner stone. >> it makes you make decisions, big decisions, small decisions. i'm not going to buy that or do that, i'm scared to death. here's my question for the two of you. are more big ceos falling in line with the yes, let's raise the taxes on the 2%? >> if i don't know if a majority. would you say a majority? >> i think they want a deal and people have to make -- it's hard to make compromises. >> we've heard it from goldman sac sachs, warren buffett, schultz. >> big names there. >> they want clarity. the interesting thing to me, the stock market and bond market haven't freaked o
the fiscal cliff. that's called into question the anti-tax pledge republicans have signed. iffer some lawmaker that is means no agreement. >> it is not the norquist pledge but the americans no tax reform pledge and the one thing really keeping republicans -- i don't know what republicans stand for. it looks like for this in washington, it's a host of things. at least the democrats are responsible enough to get loans from china. the republicans want to do it without paying for it without any fiscal discipline. at one point the republicans have to do it -- the pledge was the last they based it on. >> nothing was done, though. that's a bad thing, aaron. >> why? i'm not sure that it is. i'm not sure that this fiscal cliff really is a fiscal cliff. i think that it changes the baseline. republicans get better negotiating position on the other side when they are not scared to death of their own shadow and fearful of not looking reasonable. to think that the same joker who is got us this compromise will somehow get us a better compromise is absolutely silly. some of these guys have been voted
slash that government spending, if and when the fiscal cliff goes into effect, that can really eat into gdp and is part of the reason the congressional budget office has said if we do go over the cliff, the u.s. could go back into a recession. carol? >> alison kosik at the new york stock exchange. >>> well, someone is waking up this morning as a multimillionaire. winning tickets for the powerball's record-breaking $580 million jackpot were sold in arizona and missouri. last night's winning numbers, if you're curious, 5, 23, 16, 22, 29 and the powerball number is 6. winners will split the largest jackpot in powerball's history. we know one of the tickets was bought around the kansas city area. but whoever won was really lucky, because the odds of winning, 1 in 175 million. you have a much better chance of getting hit by -- we say that every time. you know. the odds are long. lucky them, and we're happy for them. >>> journalist tom ricks is a star. not for his new book, not for his 17 years at the wall street journal, but for his 90 seconds on fox news. when asked about the attacks o
know you have all heard of the so-called fiscal cliff, the huge tax hikes and spending cuts that will be triggered if congress and the white house don't reach a budget deal by the end of the month. well, what are we looking at? first, cuts in defense. also bush era tax cuts set to x expire, so the majority of americans will pay more taxes. also at stake, the payroll tax holiday and unemployment benefits expect to get cut. dana, in your most recent column, you say it doesn't seem like anyone is doing anything but photo ops and news conferences. one politician was quoted as saying, effectively, we have a month. that's loads of time. is this a sophisticated game of chicken? >> it's a rather unsophisticated game of chicken, kind of elementary. what they're doing, both sides really, is doing a lot of posturing and waiting until they get close to the deadline if not go over the deadline because they feel if they go over the deadline, they're in a position to tell their hard core supporters, look, we have really got to make this deal now or that's the end. the economy goes back in
up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do not favor going -- you favor going over the cliff. that's what they think. they think that you favor -- >> just for the record since we're on tv. that's silly if they think that they shouldn't be ceos. >> it doesn't really matter. that's what they think. >> i want you to walk me up to that moment. >> behind the record. i like that too. >> i'm stuck. like grover is stuck with this pledge he made everybody take which is that they have to go over the cliff because they obviously will not ever say the word tax. they will only say revenue. i'm stuck spe
if this is not good enough for the white house, we will go over the fiscal cliff because this is a compromise on taxes. this is a compromise on mandatory spending and it's a compromise on discretionary spending over what the select committee had debated. >> the details if we can and i should mention that erskine bowles put out a statement saying this -- does not represent the bowles-simpson plan, nor is it the bowles plan. in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the compromise between the two sides and offered it and it's already flatly rejected? >> i think what he might be rejecting, sir, if i may -- >> no, i'm not talking abo about erskine bowles. >> i think what he's sayin
and we're starting this hour with the wrangling on capitol hill over the fiscal cliff. we're just 31 days until the deadline which could potentially trigger $7 trillion in automatic spending cuts and tax increases. both republicans and democrats are at a standoff. they are each blaming the other side for holding up the process, but republican congressman terry lee says that by going over the cliff the president may have an ulterior motive. >> many of us fear that the president's real plan here was to let us go over the cliff and blame the republicans, and that's what we look like we're being set up to do, and then if you go over the cliff, then two months later, a month later, the president can come back with a bill and say, hey, we're going to now since the republicans let everyone's taxes go up, i'm going to ride in here now and be the -- the knight in shining armor and lower the taxes on the lower two brackets. >> it is a case that is sparking painful reminders of trayvon martin, another florida teenager shot to death in an incident that has racial overtones. i'm talking about jordan d
and protector of the u.s. dollar now threatening that we will go over the fiscal cliff. there's such a huge disconnect here, there's no backlash really about that, but there's backlash against ceo's speaking out. stuart: i can see that it. you're right, charles, take a victory lap. they've backed off. charles: this is not the kind of thing that you want a victory lap on. it's scary and i first thing you see is 2012 communities service report and the next thing on sustainability and another piece, 100 best companies to work for. you wouldn't know it's a restaurant company. these companies are bending over backwards to appease the media and the white house's agenda. stuarr: all right, charles, a victory lap. and everybody we've got two new at ten stories and both cost a whole lot of money of the first, the department of energy spending 120 million dollars for an electric battery research facility. and how this administration's track record on green energy investments is your money by the way. second, fast fooddchains forced to put calorie counts on their menus under obamacare, that's going to
to go over the fiscal cliff. there will be some sort of resolution. they'll come up with some tax cuts, some breaks in spending, and probably kick the can down the road on a lot of it. i love the way this market is acting. it's not selling off with all the bad news, all the bickering, all the bad words on each side. you've got to love the way that this market is holding up here. doesn't mean investors need to be carefree, but overall, it looks like the market is setting up with a lot of negative sentiment out there. looks like there's a lot of opportunity for a big run higher once we get some form of resolution. i really believe we're going to get it. >> you think by year end? >> i really do. i think they want to go home for christmas. they're not going to want to not go home for christmas. you can always count on politicians to do the right thing when all other options have been exploited. they're going to finally get there because they have to. they're not going to solve 100% of it right away. >> jump in, abbigail. >> i think it's too early to be bearish or bullish, for that matter.
for these massive spending cuts that would come at the end of the year if we go over the fiscal cliff. the white house saying they don't expect we will. they still hope it can be prevented, but they have to start planning. also, speaker of the house john boehner meeting with small business leaders on capitol hill where he reiterated some of his key points. again, just within the past hour. take a listen. >> business owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that vi
on streets signs. >> see you then, mandy. thank you. >>> the fast-approaching fiscal cliff causing a lot of nervousness among businesses. the uncertainty over taxes causing many of them to pull back on spending and hiring, especially among the small manufacturing companies. our phil lebeau with new and exclusive data on that very subject. what do the numbers look like, phil? >> not pretty, sue. we talked with the folks at pay net, who track about 20 million loans involving 17 million small businesses and essentially, what they have found going back and looking at the data in the second quarter is essentially, this summer, a real pull back by small manufacturers, cutting investment in plants and equipment by 50%. the transportation equipment manufacturing sector, in particular that he saw a big dropoff, roughly 33%. when you take a look at small manufacturers overall, look at the end there. you see that dip there, going below the dotted line? that shows they have gone into negative territory in the second quarter when it comes to investment. the one silver lining here is small manufacture
support clinton to succeed president obama. 37% would not. ted nugent weighs in on the fiscal cliff fiasco something he said we drove off a long time ago. he writes in "the washington times" social security, medicaid and medicare spending needs to be slaughtered and let's stop the insanity of the right to vote of any american on welfare. once they get off well taer and are self-sustaining they get their right restored. no american on welfare should have the right to vote for tax increases on those americans working and paying taxes to support them. >>> and "the daily show's" jon stewart says maybe we should go off the fiscal cliff. >> back and forth of offers. it's pretty clear the republicans aren't going to come to the table with anything reasonable. i'll be the one to say it, i know it will be disastrous and doom our economy for years to come, let's go over the [ bleep ] cliff. fine. just leave the negotiating tables and send us over the cliff. you know why? at least for a few seconds, it will feel like we're flying. >> all right. that's going to wrap things up for me today. thanks for
for 24 hours with prevacid24hr. >>> welcome back. the fight over the fiscal cliff heating up with both parties accusing the other of failing to offer substantial plans. >> to this point, that's right. without a deal, automatic spending cuts and higher taxes will kick in january 1st. that's something our next guest wants to avoid. we welcome back democratic congressman charlie rangel of new york. good to see you. welcome back. >> good to be back. >> we're at that awkward part of the negotiating process where nobody wants to be the first to step up, especially on the spending side. so do you want to be that person? can you give us some sense of where the democratic side would want to make those cuts in entitlements to get us closer to a deal? >> how in the world would you talk about cutting spending before you find out how much you have to spend? isn't this all about a revenue shortfall? the first thing we should do is find out, how much money can reraise, what is the gap, and what we can't do in terms of raising revenue we go to the cuts part. >> that's a great point. so let's do that.
you for that reporting from washington. >>> president obama talking about the fiscal cliff. in his first television interview since the election, that cliff, of course the combination of government spending cuts and tax increases that automatically go into effect on january 1st because people we elected to make a deal can't make a deal. yesterday, republicans proposed steep spending cuts but gave no ground on president obama's call to raise taxes on the wealthiest americans. here's what the president told bloomberg's white house correspondent about that. >> unfortunately the speaker's proposal right now is still out of balance. you know he talks, for example, about $800 billion worth of revenue but was he says he's going to do that by lowering rates. when you look at the platte it doesn't work. when i've said is, i am prepared to work with the speaker and democrats and republicans to go after excessive health care costs in our federal health care system, we're going to have to strengthen those systems and i think we can do that without hurting seniors, without hurting beneficiaries
of 1.4% in the month of october. nearly triple the 0.5% expected by analyst. the fiscal cliff looms large. it threatens a lot of this recovery on the recovery. joining me is allen smith, ceo of prudential real estate investors. nice to have you on the program. >> thank you very much. >> what's your take on this whole fiscal cliff discussion. if we go over the cliff, does that undo some good news we're seeing in housing and construction? >> i think with respect to the single family housing market, the impact will be somewhat limited. in the sense that the single family home market has fallen so far. when you look at some of the key indicators today, housing aff d affordability is the best it's been. consumer balance sheets have deld deleveraged. excess supply has been dealt with. with every new job there's greater propensity to form households which means people tend to buy homes. going over the fiscal cliff, frankly, i think will delay the recovery in the howing market but certainly won't roll it back to what we saw over the last few years. >> what about higher taxes and particular
cliff. we now know that we're 29 days away before the massive spending cuts and tax increases go into effect automatically the beginning of the year. the white house presented their plan and now just today we're getting news on the side of the republicans. ali velshi, chief business correspondent, let me bring you in. the first major difference, let's be crystal clear and run through this proposition, the fact that they want to extend the bush era tax cuts for everybody. >> right. something that some 67% of americans said that they don't agree with, something the white house says is a nonstarter. however, they have put a proposal forward. i suppose if you're negotiating, you don't put first proposal forward, the one you're going to end up with. this is from house speaker john boehner in a 2 1/2 page letter to the president, it proposes $2.2 trillion in cuts. and let me show you how they get there. $800 billion in tax reform. that is closing loopholes and credits. $600 billion in health care and medicare changes. $300 billion in other mandatory savings. $300 billion in discretiona
hill as the fiscal cliff looms now just 32 days away. house speaker john boehner says no progress has been made in two weeks of talks, and republicans want the white house to come up with significant spending cuts. senate democratic leader harry reid responded to boehner saying, quote, i don't understand his brain, unquote. >>> when those talks over the fiscal cliff seem to be heading towards a stalemate but do the capitol hill theatrics tell the whole story? here's thousand politico summed it up, listen to top democrats and republicans talk on camera and it sounds like they could not be further apart. but behind the scenes top officials who have been involved in the talks for many months say the contours of the deal are starting to take shape. well, joining me are jason johnson a political professor, t and a republican strategist ron bonjene, ron, let's start with you, both sides know they'll have to make a deal. one congressman says to get it there has to look like this was fighting this way it's kind of like managing the public's expectati expectations, oh, we didn't give anything,
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